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Senate of Pennsylvania
Session of 2013 - 2014 Regular Session


Posted: September 23, 2014 04:22 PM
From: Senator Jake Corman
To: All Senate members
Subject: LBFC Resolution on Consumer Credit
In the near future, I plan to introduce a resolution to direct the Legislative Budget and Finance Committee to study the regulatory structure and consumer access to short-term consumer credit in the Commonwealth.

Access to both long-term and short-term consumer credit at fair and affordable terms is important for individuals to purchase goods and services, establish a strong credit rating, and achieve long-term financial stability. The resolution I am proposing will direct LBFC, in collaboration with other state departments and agencies, to study short-term consumer credit access, including rates being charged, consumer protections in place, the types of entities providing short-term credit products, and other conditions that exist in the short-term credit market place.

Further, the resolution seeks to identify data on other states regulatory frameworks with short-term credit and access to credit, as well as all federal laws applicable to these credit products.

Thank you for your time and consideration on this matter. If you have any questions please contact my office at 717-787-1377.

Introduced as SR458